Answer:
Quota rent
Explanation:
When voluntary export restraints (VER) are set up and / or import quotas are enforced, the extra profit that domestic producers make because the supply is artificially limited is called quota rent. Quota rents are a type of economic inefficiency since they produce more losses than benefits. Society as a whole generally losses while a group of favored companies make huge profits.
For example, sugar imports are limited in the US, so domestic sugar producers are able to sell sugar at much higher prices than regular international prices. That artificial extra profit earned by sugar companies in the US can be classified as quota rent.
Answer:
Standard fixed overhead rate
= Budgeted fixed overhead cost
Budgeted direct labour hours
= $45,000
15,000 hours
= $3 per direct labour hour
Fixed overhead volume variance
= (Standard hours - Budgeted hours) x Standard fixed overhead rate
= (12,000 hours - 15,000 hours) x $3
= $9,000(U)
The correct answer is B
Explanation:
In this case, we need to calculate standard fixed overhead rate, which is budgeted fixed overhead cost divided by budgeted direct labour hours. Then, we will calculate fixed overhead volume variance, which is the difference between standard hours and budgeted hours multiplied by standard fixed overhead rate.
Answer:
A) A single plot falls above or below the control limits
Explanation:
The whole idea behind quality control is to identify events that need corrective action in the production process. Quality control requires that all units are tested to determine if they meet the standard.
Any unit that falls below or above the control limits must be investigated and retested in order to determine why it occurred and how you can prevent it from occurring again.
Answer:
200 units
Explanation:
For computing the number of units produced each time we need to applied the economic order quantity formula which is shown below:
where,
Annual demand is 1,600 units
Ordering cost per order is $25
And, the carrying cost or holding cost per unit per year is $2
Now placing these values to the above formula
So, the economic order quantity is
= 200 units
Answer: Acceptability, portability and divisibility of money.
Explanation:
The question illustrates the acceptability, portability and the divisibility of money. The acceptability of money means that money is widely accepted as a medium for transaction, divisibility of money means that money can be broken down to smaller denominations and the portability of money means that money is easy to carry about.
